Cointelegraph interviewed developers of a new PEPE token spin-off who claim it is everything the old Pepe token should have been.
The original Pepe token experienced a partial rug pull when anonymous developers sold nearly $16 million worth of the token without the knowledge of the official Pepe X account.
Crypto trader Reetika Trades believes that the event will have negligible effects on the token’s long-term outlook, as it is a memecoin with no promise of utility.
Pseudonymous trader Horse believes that getting the remaining supply of tokens out of the hands of the developers who sold is a beneficial move for Pepe’s future.
Crypto data provider Kaiko noted that despite the sudden crash in price, the liquidity of the memecoin held up surprisingly well.
Analysts from Santiment warned of higher volatility for Pepe despite it becoming the top trending cryptocurrency after the rug pull allegations.
Prominent trader Kaleo expressed a bearish take on Pepe, hoping for its complete collapse.
In response to the turmoil with Pepe, an anonymous team has created a new PEPE token spin-off that claims to be decentralized, community-driven, and deflationary.
